New Delhi, March 9 -- Finance Minister Nirmala Sitharaman informed Lok Sabha that the recent rise in global crude oil prices following geopolitical tensions in West Asia is not expected to significantly impact inflation in India at present.
Responding to a question, the minister said global crude oil prices had been on a declining trend over the past year until clashes began in West Asia on February 28, 2026.
During this period, the Free on Board (FOB) price of the Indian crude oil basket increased from USD 69.01 per barrel at the end of February to USD 80.16 per barrel by March 2, 2026.
She noted that with inflation currently near the lower bound of the target range, the immediate impact of rising crude prices on inflation is expect...